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China's massive welfare fund has picked infrastructure projects as its new investment channel, a move that analysts say supports its ongoing push to diversity its investment portfolio.

 

Under a deal made on Friday, the National Council for Social Security Fund will give 3 billion yuan (US$307 million) to the Ministry of Railways in the form of a trust investment.

 

It marks the first time the country's welfare fund, by using trust investments, has agreed to fund a major infrastructure project.

 

The Zhonghai Trust Investment Co Ltd will issue 3 billion yuan (US$370 million) of structured trust products with one-year terms to the pension fund.

 

The money pooled for the railways ministry will be invested in major State-designated transportation projects, according to the agreement.

 

The pension fund, set up in 2000, had 192.1 billion yuan (US$23.7 billion) of assets at the end of October.

 

"This trust product is in line with pension funds' requirement on safety and returns (of investment)," Zhonghai Trust Investment Co Ltd said in a statement.

 

Zhonghai Trust Investment, owned almost entirely by the country's biggest offshore oil producer China National Offshore Corporation, has nearly 10 billion yuan (US$ 1.23 billion) of trust assets under its management.

 

"Investing in infrastructure projects, which is always backed by the State, could offer relatively low risks and stable returns to our investment," said Yan Caiping, a press officer with the Society for Social Security Fund.

 

Wang Yuanhong, an economist with the State Information Centre, said this is the "right move" for the pension fund.

 

"It is a right move for the pension fund considering that the priority, when making investment decision, is to ensure the safety of its investment and then demand a steady return," said Wang.

 

Xu Jianqiang, a fund analyst with Beijing-based CITIC Securities, agreed.

 

"By investing in infrastructure projects, the pension fund could spread its investment risks, as their risks are relatively low compared with investment in capital markets," said Xu.

 

The Society for Social Security Fund had 115 billion yuan (US$14.2 billion) invested in domestic capital markets at the end of September.

 

"The current bearish stock market and its volatile nature makes it imperative for the pension fund to broaden its investment base if it wants to have a stable yet steady returns on its investments," said Xu.

 

The investment in key State-designated infrastructure projects, he said, is the "right pick" for the pension fund, as it meets its two investment standards.

 

Besides investing in capital markets, the pension fund has also invested 10 billion yuan (US$1.24 billion) in the Hong Kong-listed Bank of Communications and is in the process of investing the same amount in Industrial and Commercial Bank of China and the Bank of China respectively.

 

The pension fund got the green light to make overseas investment, but there is no specific information on when this may happen.

 

"There is still no precise timetable yet for that matter," said Yan, the press officer with the pension fund.

 

According to the recently endorsed 11th Five-Year plan, which covers 2006-2010, the country could invest up to 500 billion yuan (US$62 billion) in the railways system.

 

(China Daily December 27, 2005)